19 August 2016, India :
Startups are one step closer to being able to borrow money, with the Department of Industrial Policy & Promotion (DIPP) given charge of framing guidelines for a credit guarantee fund for them, reported Economic Times.
Department of Industrial Policy & Promotion was established in the year 1995, and in the year 2000 Department of Industrial Development was merged with it.
“Earlier, the matter was being dealt with by the department of finance. We have started the work and it should be finalised by September. The credit guarantee fund would help in the flow of venture debt from the formal banking system,” a senior government official said.
DIPP is working under the Ministry of Commerce and Industry, Government of India. This department is responsible for formulation and implementation of promotional and developmental measures for growth of the industrial sector, keeping in view the national priorities and socio-economic objectives.
While individual Administrative Ministries look after the production, distribution, development and planning aspects of specific industries allocated to them, Department of Industrial Policy & Promotion is responsible for the overall industrial policy.
DIPP works consciously and dedicatedly for positioning India amongst the top industrial countries of the world in a relatively shorter time frame. It create enormous opportunities for investment in sustainable industrial activities and open up employment avenues for enhancing the quality of life of the common man.